Townsville's property market nightmare wipes $100k off value of homes

The saying"as safe as houses" is a lie, according to Townsville resident Heather White, who is about to lose almost $100,000 on the resale of her home in the north Queensland city.The Real Estate Institute of Qld has urged the Queensland Government to boost the market by extending the first home owners grant to second hand homes

But a spokesperson for Treasurer Jackie Trad would not comment on whether the Government would support changing the grant When Ms White bought her family home more than a decade ago, she thought the resale profit would fund her retirement.The five-bedroom house in Townsville was snapped up at the peak of the property boom in 2007 for $355,000.

Twelve years later, instead of increasing in value, the home's worth has dropped so dramatically, it has left Ms White struggling to comprehend the financial loss. "The latest we've heard is someone might offer $260,000 and that's devastating, absolutely devastating," Ms White said.

PeteWargent Make stupid investment decisions & then ask for a taxpayer handout when it all turns south - typical!!

PeteWargent I'm not sure that report is an accurate timeline description of the Townsville market. It seems to me the most significant factor in Townsville is that it has been oversupplied.

Ignorance doubt has something to do with catastrophic Global Warming. Perhaps the market thinks Townsville's about to be flooded by rising sea levels next year as the polar ice caps burn and melt?

And it’s only going to get worse for townsville with the complete waste of money football stadium they are building that will cost rate payers 1 mil a month to keep it going and a dirt dam that can’t store enough water, 6 months ago at over 230% and now already at 82% and ⬇️

Where's the 100k houses that are now free?

This is why the Cowboys can't attract backline talent

PeteWargent Buy the dip year 12

Well Queenslanders had to vote in the Liberal party didn't they. They brought it on themselves as far as I'm concerned

Ah well, this will become common as we move through changing times. Housing viewed as a commodity was rediculous. Greedy people making the purchase based on the old 'property doubles every 7 years' are/will be shocked that those days are now gone.

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